Nifty InstaView 18 Mar’21: All came Tumbling After

Nifty View: Fifth consecutive negative session for the benchmark Nifty now. Post breakdown from the rising channel, the index tumbled further down in today’s session to test 14,500. Now this is where lies a confluence of supports. An important level indeed, but considering the underlying momentum of the sell-off it’ll be interesting to see whether it holds, eventually. Of course the short term trend is down and we are at proven supports, so “ek bounce back to banta hai”. But whether it’ll sustain or not is highly questionable. Immediate resistance to watch out for is now at 14,900.

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